Form 4: First of Long Island Corp Director Converts All Holdings to ConnectOne Bancorp Shares Post-Merger

A director of First of Long Island Corp reported the conversion of all their common stock holdings into shares of ConnectOne Bancorp, Inc. as a result of the previously announced merger agreement.

Summary

• Milbrey Rennie Taylor, a Director of First of Long Island Corp (FLIC), reported a change in beneficial ownership via a Form 4 filing.
• On June 1, 2025, 33,862 shares of FLIC Common Stock beneficially owned by Ms. Taylor were disposed of.
• This disposition occurred pursuant to the Agreement and Plan of Merger, dated September 4, 2024, between FLIC and ConnectOne Bancorp, Inc.
• Each outstanding share of FLIC common stock was converted into the right to receive 0.5175 shares of ConnectOne Bancorp, Inc. common stock, with cash paid in lieu of fractional shares.
• Following this transaction, Ms. Taylor's direct beneficial ownership of FLIC common stock is 0 shares.

Sentiment

Score: 7

Explanation: The document reports a routine, expected transaction resulting from a pre-announced merger. It signifies the completion of a strategic corporate action, which is generally positive for the companies involved, though this specific filing is neutral in sentiment as it merely reports a director's share conversion.

Positives

• The transaction reflects the successful completion of the merger between First of Long Island Corp and ConnectOne Bancorp, Inc., indicating a strategic consolidation.
• The director received shares in the acquiring entity, ConnectOne Bancorp, Inc., maintaining an equity interest in the combined entity (though the new shares are not reported in this specific Form 4).

Negatives

• The reporting person no longer holds direct beneficial ownership in First of Long Island Corp, as the company's shares have been converted due to the merger.

Future Outlook

NA

Industry Context

This transaction is part of the ongoing consolidation trend within the banking and financial services industry, where smaller regional banks merge with larger entities to achieve scale, efficiency, and expanded market reach.

Stakeholder Impact

• Shareholders of First of Long Island Corp had their shares converted into ConnectOne Bancorp, Inc. shares, impacting their future investment in the combined entity.
• Employees of First of Long Island Corp are now part of the larger ConnectOne Bancorp, Inc. organization, potentially leading to integration efforts.

Key Dates

Keywords

SEC Form 4, First of Long Island Corp, FLIC, ConnectOne Bancorp, Merger, Stock Conversion, Beneficial Ownership, Director Holdings, Financial Services, Banking, Corporate Action